Nvidia-Backed CoreWeave’s Stock Jumps on AI-Driven Growth in First Report Since IPO

CoreWeave (CRWV) reported first-quarter revenue that grew over 400% year-over-year, sending shares higher in extended trading Wednesday.

In its first quarterly report since going public in March, the cloud computing company backed by Nvidia (NVDA) posted revenue of $981.6 million, up 420% from a year earlier. Its adjusted net loss was $149.6 million, widening from a $23.6 million loss in the year-ago quarter.

“Demand for our platform is robust and accelerating as AI leaders seek the highly performant AI cloud infrastructure required for the most advanced applications. We are scaling as fast as possible to capture that demand,” said CoreWeave co-founder and CEO Michael Intrator.

The results come as CoreWeave is reportedly preparing to raise roughly $1.5 billion in debt financing after its initial public offering was smaller than anticipated, according to a Financial Times report last week.

CoreWeave makes money by providing its clients with access to data centers, which are used to develop artificial intelligence models. The company’s data centers are equipped with highly coveted chips from Nvidia, which holds a roughly 5% stake in CoreWeave. 

CoreWeave shares jumped over 7% in after-hours trading, after adding close to 7% during Wednesday’s regular session. The stock has surged nearly 70% from its IPO price in March through the closing bell.